Iran's Multi-Rate FX Market

One currency can have several quoted rates when transactions differ in access, purpose, settlement or official treatment. Cash, transfer and administratively allocated quotations are not interchangeable. Label the unit as rial per foreign unit or its inverse; never combine them silently. A rate visible in a feed does not establish that you qualify for that transaction. For Iran, consult the current Central Bank and exchange-centre notice for eligibility and settlement; this lesson does not assert a permanent list of programmes or rates.

Worked example (hypothetical)

Two hypothetical dollar quotes are 600,000 and 900,000 rial. Their 50% gap relative to the first quote does not prove an accessible arbitrage: purpose, documentation and settlement may differ.

Check your understanding

Before comparing quotations, write who can transact, how much, in what form and when settlement happens. Missing answers mean the comparison is incomplete.

Sources, reviewed 5 October 2026

• Review of the Fund’s Policy on Multiple Currency Practices
• Annual Report on Exchange Arrangements and Exchange Restrictions